New Delhi, 22 June

India has ramped up purchases of Russian oil in June, importing more than the combined volumes from Middle Eastern suppliers such as Saudi Arabia and Iraq, amid market volatility triggered by Israel's dramatic attack on Iran.

The US military struck three sites in Iran early Sunday, directly joining Israel which first struck Iranian nuclear sites on 13 June.

Indian refiners are likely to import 2-2.2 million barrels per day of Russian crude oil in June - the highest in the last two years and more than the total volumes bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary data by global trade analytics firm Kpler showed.

Imports from the United States also rose to 439,000 bpd in June, a big jump from 280,000 bpd purchased in the previous month.

India, the world's third-largest oil-importing and consuming nation, bought from abroad around 5.1 million barrels of crude oil, which is converted into fuels like petrol and diesel in refineries.

The conflict in the Middle East has so far not impacted oil supplies.

"While supplies remain unaffected so far, vessel activity suggests a decline in crude loadings from the Middle East in the coming days," Sumit Ritolia, Lead Research Analyst, Refining & Modeling at Kpler, told PTI.

Iranian state media have warned of oil spiking to USD 400 per barrel.

Ritolia said India's import strategy has evolved significantly over the past two years.

Also, India may tap its strategic reserves (covering 9-10 days of imports) to bridge any shortfall.

The Government could also consider price subsidies to curb inflation if domestic prices spike, especially for diesel and LPG.

"India's June 2025 crude oil imports tell a story of strategic positioning, not panic. Russian oil acts as a logistical and financial shield, while US and Atlantic Basin volumes reinforce optionality. Though the Middle East remains essential, especially for crude and LPG, refiners are better prepared than ever to respond quickly to supply shocks” he added.